NEW YORK - Moody's Investors Service said it has downgraded to A2 from A1 the underlying rating on Reed City Public Schools, Mich.'s $14.2 million of outstanding rated general obligation bonds. The bonds are secured by the district's general obligation unlimited tax pledge.

The downgrade to the A2 rating primarily reflects a steady narrowing of the district's financial reserves. The rating also incorporates the district's modest tax base that has experienced a series of full valuation declines, below average socioeconomic indicators, and manageable debt burden.

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